Norwalk CT - Weekly Real Estate Market Statistics Report - October 4, 2011

 NORWALK CT HOMES: Norwalk's market is changing. At one point during the year, Norwalk was an absolute best bet- no questions about it. Of course, the market isn;t dead by any means, but I see some changes here that are NOT going on in neighboring towns or cities. Pay attention to the market. Just do your due diligence if you wish to buy or sell, and contact me!

The median list price in Norwalk has dropped slightly after remaining fairly constant for the past few weeks to $431,450.  As of this morning, there are 472 homes that are actively on the market. These homes have been available an average of 117 days and are listed at an average of $716,092, which is about a $10,000 drop over last week..

The highest priced home for sale in the city is listed at $5,975,000 and the lowest priced home available is $149,900.

The biggest price pocket in town continues to be between the $300-350,000 dollar range, and these 60 homes comprise almost eight percent of the inventory.  

SINGLE FAMILY HOME INVENTORY based upon the current absorption rate: 13.56 months, and has risen week by week as of late. To put it into perspective, on September 13th, which is less than one month ago, the inventory was at 10.87 months.  That's almost a three MONTH increase. The goal for a neutral market in Norwalk  is six months.

Sixteen new listings came on the market this week, and one home  came back on the market after being under deposit.  There were 24 properties that had a price change. Again, this was yet another solid week for deposits, and eleven properties have gone under the initial deposit stage, which we call CTS, and eight properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average proce was $435,825 and their  market time was 71 days on average..

There are currently 50 properties citywide in pending status, and their average price is $536,021.

CLOSINGS:  Eleven single family homes were reported sold this past  week.  These homes had an average price of $7933,791 and  were on the market an average of 197 days. There were 93 status changes in the last week.

NORWALK CT CONDOS:  The 268 condominiums that are available in Norwalk are listed at an average price of $309,618 and have been on the market an average of 132 days, although the median price of a condo in Norwalk is still fairly consistent at $236,250. The highest priced condominium for sale in the city is listed at $2,650,000 and the lowest priced condo available is $42,500.

CONDOMINIUM  INVENTORY based upon the current absorption rate: 17.66 months, and virtually unchanged from last week. The goal for a neutral condominium market in Norwalk is eight months.

There were thirteen new listings this week, and two homes came back on the market after being under deposit. There were 19 properties that had a price change. In the last week, seven properties went into CTS status,  and one property went into pending status after being on the market for 141 days.

There are 21 condominiums citywide that are currently in Pending status. Their average list price is $280,233.

CLOSINGS:  There were six condominiums that were reported as closed in the last week, and they were listed on average at $218,800 and  on the market an average of175 days.  There were 67 status changes for the week.

RENTALS: If you are looking to rent year round, either furnished or unfurnished, there are 146 homes or apartments available. The median monthly price is $1,900 and the average price is $3,056 per month. These year round rental opportunities have been on the market an average of 41 days.

There is only one seasonal rental available throughout Norwalk, and it has  been on the market for 142 days and it is listed at $3,750.

Click here for FOURTH QUARTER real estate market advice.

SOURCE: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

f you have a question about buying or selling Real Estate in Norwalk, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy

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